DTN Midday Grain Comments 11/18 11:37

DTN Midday Grain Comments 11/18 11:37 Wheat, Corn Higher at Midday Corn and wheat are firmer at midday, soybeans near unchanged. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow futures down 30 points and the S&P down 5. The interest rate products are higher. The dollar index is 55 higher. Energies are mixed with crude down 0.30. Livestock trade is mixed. Precious metals are lower with gold down $10.40. CORN Corn trade is 3 to 5 cents higher at midday with trade moving back over the 50-day moving average at $3.43. Ethanol margins remain solid, with crude trade stabilizing through midweek. Harvest is effectively wrapped up with basis and carry expected to be steady this week with plenty of corn in the countryside to weigh on the market. On the December chart resistance is the 20-day at $3.49. Support is at the 50-day at $3.53, with new low for the move printed Monday at $3.35 1/2 then the two-month low at $3.25 below that. SOYBEANS Soybean trade is hanging around unchanged at midday with trade coming off the overnight lows. Meal is 2.00 to 3.00 lower and oil is 25 to 35 points higher. South American weather remains conducive to planting and early crop development with some rains in key parts of Brazil overnight. The domestic harvest is effectively over so basis should firm a bit with the needs of the export program and crush demands. China bought another 165,000 metric tons of soybeans. The good export demand continues to limit downside in beans due to the large record 2016 crop. On the January chart support is at the 50-day at $9.79, then the $9.72 lower Bollinger Band. Resistance is at the $9.92 200-day moving average which we are just below. WHEAT Wheat trade is 2 to 6 cents higher with Chicago trade leading this morning after the soft trade overnight. Overall we remain within the recent range as we head towards the weekend. The dollar continues to consolidate over 100 which will limit any attempt to rally. Conditions have held up well despite dry conditions in much of the belt with some moisture catching NW Kansas from the winter storm, which along with supplies is keeping trade defensive. The weaker emerging market currencies have heightened the disadvantage from the strong dollar with export business continuing to be dominated by the Black Sea by key buyers this week. On the Kansas City December chart we traded to a new low for the move down to $4.01 which is nearby support then $3.97. Resistance is at the $4.09 10-day, then the $4.11 20-day which is being tested at midday followed by the 2-month high at $4.28 1/4. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at dfiala@futuresone.com Follow Fiala on Twitter @davidfiala (BAS) Copyright 2016 DTN/The Progressive Farmer. All rights reserved.